Backblaze (NASDAQ:BLZE) Price Target Raised to $14.00

Backblaze (NASDAQ:BLZE - Get Free Report) had its price objective lifted by stock analysts at Raymond James from $13.00 to $14.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Raymond James' price objective would suggest a potential upside of 104.08% from the stock's previous close.

Several other equities analysts also recently commented on BLZE. Oppenheimer dropped their price target on shares of Backblaze from $11.00 to $10.00 and set an "outperform" rating for the company in a research note on Friday, August 9th. Craig Hallum lifted their target price on Backblaze from $10.00 to $11.00 and gave the company a "buy" rating in a report on Monday, October 21st.

Backblaze Trading Down 13.7 %

Shares of BLZE stock traded down $1.09 on Friday, hitting $6.86. The stock had a trading volume of 475,737 shares, compared to its average volume of 340,241. The company's 50 day moving average price is $6.64 and its 200-day moving average price is $6.69. Backblaze has a 1 year low of $4.91 and a 1 year high of $12.65. The firm has a market capitalization of $294.29 million, a P/E ratio of -5.44 and a beta of 0.99. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.61 and a quick ratio of 0.61.

Backblaze (NASDAQ:BLZE - Get Free Report) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.13). The business had revenue of $31.29 million for the quarter, compared to analyst estimates of $30.93 million. Backblaze had a negative return on equity of 104.71% and a negative net margin of 42.34%. During the same period in the prior year, the company posted ($0.38) EPS. Analysts anticipate that Backblaze will post -0.99 earnings per share for the current year.

Insider Buying and Selling at Backblaze

In other news, VP Tina Cessna sold 3,894 shares of the stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $6.45, for a total value of $25,116.30. Following the transaction, the vice president now owns 153,440 shares in the company, valued at approximately $989,688. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, VP Tina Cessna sold 3,894 shares of Backblaze stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $6.45, for a total transaction of $25,116.30. Following the sale, the vice president now directly owns 153,440 shares in the company, valued at $989,688. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Barbara H. Nelson sold 16,000 shares of the business's stock in a transaction on Friday, August 16th. The shares were sold at an average price of $6.79, for a total transaction of $108,640.00. Following the completion of the sale, the director now directly owns 62,346 shares of the company's stock, valued at approximately $423,329.34. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 47,483 shares of company stock worth $311,530 over the last ninety days. Corporate insiders own 5.20% of the company's stock.

Hedge Funds Weigh In On Backblaze

A number of hedge funds have recently modified their holdings of BLZE. The Manufacturers Life Insurance Company acquired a new stake in Backblaze during the 2nd quarter worth $102,000. SG Americas Securities LLC lifted its position in Backblaze by 84.1% during the 2nd quarter. SG Americas Securities LLC now owns 21,283 shares of the company's stock worth $131,000 after acquiring an additional 9,720 shares during the period. Hillsdale Investment Management Inc. purchased a new position in shares of Backblaze in the 1st quarter valued at approximately $154,000. Tempus Wealth Planning LLC acquired a new position in shares of Backblaze in the third quarter valued at approximately $157,000. Finally, Lazard Asset Management LLC raised its stake in shares of Backblaze by 165.7% during the first quarter. Lazard Asset Management LLC now owns 18,102 shares of the company's stock worth $185,000 after purchasing an additional 11,289 shares during the last quarter. 54.03% of the stock is currently owned by hedge funds and other institutional investors.

Backblaze Company Profile

Backblaze, Inc, a storage cloud platform, provides businesses and consumers cloud services to store, use, and protect data in the United States and internationally. The company offers cloud services through a web-scale software infrastructure built on commodity hardware. It also provides Backblaze B2 Cloud Storage, which enables customers to store data, developers to build applications, and partners to expand their use cases.